1On April 22, 998, the Shanghai and Shenzhen Stock Exchanges announced specialtreatment for the stock trading of listed companies with abnormal financial conditions (English is special treatment, abbreviated as "ST"). Several situations of stock being ST:
1. The audit results of the last two fiscal years show that the net profit is negative. In other words, listed companies that have suffered losses for two consecutive years or whose net assets per share are lower than the par value of their shares should be given special treatment.
2. The audit results of the latest fiscal year show that its shareholders' equity is lower than its registered capital.
3. Certified public accountants can't express opinions or negative opinions on the property report of the latest fiscal year.
4. The audited shareholders' equity in the latest fiscal year, after deducting the part that has not been confirmed by certified public accountants and relevant departments, is less than the registered capital.
The latest audited financial report adjusted last year's profit, resulting in losses for two consecutive fiscal years.
6. It is determined by the Exchange or China Securities Regulatory Commission that the financial situation is abnormal. Another kind of "other abnormal situation" refers to natural disasters, major accidents, etc. , basically stop production and business activities, the company is involved in litigation that may compensate more than the company's net assets.
Extended data:
ST stock trading principles:
1, the daily fluctuation of stock quotation is limited to 5%;
2. The stock name is changed to the original stock name, and "ST" is added in front, such as "ST steel pipe";
3. The interim reports of listed companies must be audited. Because the daily fluctuation range of ST shares is limited to 5%, it also inhibits the deliberate speculation of the bookmakers to some extent. Investors should also treat stocks with special treatment differently. Specific analysis of specific problems, some ST shares are mainly operating losses, and it is difficult to turn losses into profits by strengthening management in the short term.
Some ST stocks are losing money for special reasons, or some ST stocks are undergoing asset restructuring, so these stocks often have great potential.
It should be pointed out that special treatment is not a punishment for listed companies, but an objective disclosure of listed companies. Its purpose is to remind investors of their market risks and guide investors to invest rationally. If the company's abnormal situation is eliminated, normal transactions can be resumed.
Baidu Encyclopedia -ST (Stock Listing Rules)
Baidu encyclopedia -ST stock